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Notice with regard to the margining obligation for uncleared OTC derivatives.

Based on EMIR (European Market Infrastructure Regulation) certain counterparties are obliged to exchange margins for all non-cleared OTC derivatives. Furthermore, EMIR allows the exemption of intragroup trades from the requirement to exchange margin. If such an exemption is applied for and afterwards granted by the local supervisory bodies, according to article 11, paragraph 14 EMIR as well as article 20 of the commissions delegated regulation (EU 149/2013) details on the exempted transactions must be published by the counterparty.